Zhejiang Laifual Drive Co., Ltd. (Ticker: 3952 HK) is a China-domiciled manufacturer of precision transmission components for robots. The company produces harmonic reducers, joint modules, robotic arms and automated workstations used mainly in humanoid robots, industrial robots and automated production lines. Its core product, the harmonic reducer, is a precision gear component that helps robotic joints move accurately.

Laifual is expected to list H shares on the Hong Kong Stock Exchange on June 30, 2026, with pricing expected on June 26, 2026. The company plans to offer 13.44 million shares at an expected price range of HKD 77.00 to HKD 85.50 per share, raising up to approximately HKD 1.15 billion, or approximately $147 million. The offering consists entirely of primary shares and includes a 15% greenshoe option.

According to CIC, Laifual ranked No. 2 among robotic harmonic reducer providers in China by shipment volume in 2025, with a 21.4% market share, and No. 2 by revenue, with a 12.9% market share. CMB International Capital is the manager of the offering.